Along with child custody and support issues, the division of the marital home is often one of the biggest challenges people face in divorce. It takes an experienced family law attorney to help you navigate the complexities of dividing home equity.
Navigating Home Equity Division in Today’s Housing Market
Especially in today’s depressed housing market, keeping the home can be more of a liability than an asset. The person who ultimately keeps the home will likely be required to refinance the mortgage loan(s) which can present unique challenges if the individual has lower credit or does not earn enough income to pay the mortgage on his or her own. Individuals may be forced to sell the property if they cannot, or do not, wish to continue making mortgage payments or are unable to refinance. With many homes trapped in upside-down mortgages (meaning the mortgage is more than the house is worth), it may be difficult to find a buyer.